Big gains for watchful Sinfonietta

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The cautious stance that the Sinfonietta fund has taken for some time paid off handsomely in August, with a 14.82% return, after positive months in June and July, taking the year-to-date gains to 25.52%.

Maintaining this stance has been a delicate balancing act, explains Symphony Financial Partners’ David Baran, due to the punitively high cost of playing concerns over the potential for a big market dislocation. Instead the fund has been positioned to participate in the market, but at the same time protected by keeping both net and gross exposure low and maintaining a number of cheap long